ECB chief urges caution in using frozen Russian assets for Ukraine

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ECB chief urges caution in using frozen Russian assets for Ukraine

2025-12-11 14:43 Last Updated At：18:47

The European Commission's proposal to use frozen Russian assets as collateral to finance Ukraine "cannot deprive Russia of ownership of these assets", European Central Bank (ECB) President Christine Lagarde said on Wednesday.

Lagarde stated that this proposal is the closest one so far to complying with international law. She added that to address investor concerns, the European Union (EU) needs to explain that it is not "trying to seize Russian sovereign assets for its own benefit".

Lagarde has long expressed concerns about using frozen Russian assets. She said the ECB is keen to ensure that any outcome respects international law, otherwise the global reputation of the euro could be damaged.

In response, Russian Foreign Minister Sergey Lavrov said on Wednesday local time that Russia has no plans or intention to go to war with Europe, but Russia will respond to any deployment of European military forces in Ukraine as well as to attempts to seize Russian assets in Europe.

Following the outbreak of the Russia-Ukraine conflict in February 2022, Western countries froze approximately 300 billion U.S. dollars in Russian overseas assets. Among these, the EU froze about 200 billion euros (about 232 billion U.S. dollars) worth of assets belonging to the Russian central bank.

Approximately 90 percent of the frozen Russian assets within the EU are held by Euroclear Bank, based in Brussels, Belgium. Russia has repeatedly emphasized that, under international law, any seizure of its assets by Western governments constitutes "theft".

In September, European Commission President Ursula von der Leyen proposed establishing a "reparation loan" mechanism, intending to use frozen Russian assets as collateral to provide Ukraine with a total loan of about 140 billion euros (163 billion U.S. dollars).

However, Belgium and the ECB believe this plan carries significant risks in terms of international law and the financial stability of the eurozone.

Urban ring greenway made fully accessible to public in north China's Shijiangzhuang

The second phase of the urban ring greenway in Shijiazhuang City, north China's Hebei Province, was made fully accessible to the public on Wednesday, providing citizens with a new type of urban public space integrating cycling, jogging, and walking.

The greenway was completed after over two years of construction, which started in March 2023. It was carried out in two phases.

The first phase, spanning 51 kilometers, was completed in December 2023. The second phase, 50 kilometers long, saw the final gap successfully connected in the early hours of December 3, following the successful rotation of a swivel bridge spanning the Shijiazhuang-Taiyuan High-speed Railway. The Shijiazhuang ring greenway comprises 55.23 kilometers of pathways and 81 bridges measuring 45.77 kilometers.

Along the route, 18 service stations are planned, with 56 main entrances and exits established. It links the three major water systems, the Hutuo River, Taiping River, and the city's ring water system, and connects 76 parks and gardens along the way.

The cycling and walking paths are clearly separated by a rainbow-colored line, making it an excellent venue for citizens' leisure and fitness activities.

"It really provides us cycling enthusiasts with an excellent sports venue where we can enjoy the beautiful scenery of Shijiazhuang. Even though it's winter now, our enthusiasm for cycling on the ring greenway has not decreased but increased instead," said Zhao Zesong, a cycling enthusiast.

"During the ride, I also noticed there are many service stations, including facilities for bike repairs and rentals, which makes our daily cycling very convenient," said Zhang Luheng, another cycling enthusiast.